SYTE looks promising. Sitestar shareholders will receive distribution of the new shares at a later date. Float around 3.5 mil. Trading at $.10.
Sitestar's Subsidiary Approves Merger
ENCINO, Calif.--(BUSINESS WIRE)--Jan. 16, 2001--
Sitestar Acts on Plan to Become Two Independent Public Companies,
Prepares for Proxy Statement Filing Shares of Spun-Off Company
to Be Traded Under Different Symbol
Sitestar Corp.'s (OTCBB:SYTE) subsidiary today filed a proxy statement as a first step toward completing the spinoff that Sitestar's board of directors approved last year.
The move will create an independent public company focused on content development, and will unlock value for shareholders.
Sitestar intends to merge its content services business, to be named Sitestar Applied Technologies, with its public subsidiary and spin it off to shareholders as an independent public company that will trade under its own separate symbol.
Sitestar shareholders will receive distribution of the new shares at a later date. Sitestar Applied Technologies will concentrate on the development of Web infrastructure by delivering an array of custom software and Web-enabling solutions to small to midsized businesses.
"In addition to consolidating Internet service providers in the mid-Atlantic region, we have built a thriving content services division. Separating our divisions into two independent public entities will allow each company to chart its own course and maximize shareholder value," said Clinton J. Sallee, Sitestar president and chief executive officer.
"Sitestar is very committed to creating value for its shareholders and is cognizant of its task to improve the financial well-being of its investors," added Sallee.
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